Dawn Rowlands: “Companies should rethink way of business in the fourth industrial revolution”
Upskilling in the art of the 4th Industrial Revolution – Previous industrial revolutions have driven development by introducing new forms of power generation, mass production and information processing, the 4th Industrial Revolution is categorised by the integration of technology, internet, global mobile connectivity, data analysis, Artificial Intelligence and machine learning, all altering and disrupting manufacturing and service industries in speed, scale and power.
As previous industrial revolutions introduced noteworthy economic, political and social changes, the 4th Industrial Revolution also brings major impacts on governments, businesses, the economy and media. A key example is represented by new digital platforms, which are disrupting traditional ways of retrieving services by bringing together demand and supply within the new shared economy.
It also brings about new types of services and pushes companies to rethink the way they run their business. With the above being said, below are a few disrupters within the industry, it is important for you to keep your business abreast of these changes which are set to revolutionise the way we do things in our organisation.
Volatile, Uncertain, Complex and Ambiguous
Today’s business environment can be described as Volatile, Uncertain, Complex and Ambiguous (VUCA). This has placed immense pressure on every business to continue to re-invent itself and constantly diversify its services. With this said, 50% of today’s Top 100 businesses, will not exist in their current form within the next 5 years. This uncertainty stems from what businesses should be focusing on. Which leads us to the question, what exactly should they be placing their emphasis on?
Dynamic, Exciting, Limitless and Instant
Focus should be driven around a world that is Dynamic, Exciting, Limitless and Instant (DELI). If one starts to view your business through the lens of a start-up, what would change? What level of innovation would you deliver? What would you focus on fiercely? What would you do with the fastest momentum? Businesses should view the world not as a VUCA world, but rather as a DELI environment.
Global Media Partners Driving Culture
We have observed the rapid adoption of social media, both the size and scale of the “media populations” that have been created. As audiences converge on these platforms they will also be able to be segmented into a segment of one. This will require agile segmentation, as well as insights and tools. As brands, you will be expected to get your message 100% correct for the consumer. The segment of one; consumers will become unforgiving of a brand’s inability to recognize their needs across a global platform. It is therefore vital to get this right, to avoid an instant global disaster.
From Campaign to Innovation
Brands have started to shift from campaigns to product innovation. The key areas of focus going forward will be product design and innovation. Campaigns will just become words in the wind, but useful products and services, will drive consumer adoption in the future.